Deutsche Bank Q1 Profit Jumps 49%
April 27, 2010 Uncategorized
Deutsche Bank (NYSE: DB), Germany’s largest bank, said its first-quarter profit surged 49% helped by the company’s capital markets and trading operations along with fewer loan write-downs.
Deutsche posted a profit of $2.34 billion compared with $1.58 billion a year earlier. The bank gave a full year 2011 forecast for a profit of $13.3 billion, but declined to give further outlook for this year, according to the Wall Street Journal.
Analysts said Deutsche’s profit beat was primarily due to the investment banking and trading businesses and the results were probably not sustainable for the rest of this year.
Deutsche Bank set aside 50 percent less money for possible loan defaults, citing “improved credit conditions,” according to Bloomberg News.